Morgan Stanley

"Scotland is business-like, friendly and beautiful."

Leading global financial services firm, Morgan Stanley, has had a presence in Glasgow since 2000. Today over 700 people are employed in Scotland concentrating on finance and operations functions.

Morgan Stanley has learned that Scotland performs well:

• People are friendly, energetic and talented
• Government is very supportive
• Real estate costs are competitive

Morgan Stanley’s investment in Scotland

Morgan Stanley opened its European Headquarters in London in 1977, where it now has over 5000 staff. In 2000 when the London office was set for further major expansion it was decided to investigate other possible European locations.

At first, fifty members of staff were located in Scotland as a toe in the water. Within six months it became clear that the quality of work being produced in Scotland was as high as London.

Since then the workforce has grown by about 100 a year and currently Morgan Stanley’s office in Glasgow is the second largest in Europe. The primary focus in Glasgow is on Operations and Finance functions which support Morgan Stanley Sales and Trading activities. IT personnel are now also being hired.

Retention of staff is always a challenge in a location that grows strong within any one sector. Morgan Stanley offers its employees a strong brand, challenging work and good benefits. It also encourages mobility within the group.

A noticeable feature of the Scottish workforce is that many want to remain in Scotland. In fact, 60 percent of the student population in Scotland stays in the country, a key contributor to stability. Finding the right calibre of operational middle and senior managers in Scotland has been another challenge. Morgan Stanley’s answer has been to hire this calibre when possible but also to develop their own managers through training and development.

Scotland promotes a good work-life balance and Morgan Stanley is adapting to this more flexible approach with enthusiasm, mindful of the constraints of the industry.

Competitive locations

Other major UK and Irish cities were considered when Morgan Stanley wanted to expand out of London. If they had conducted their search today India and Eastern Europe may also have been contenders.

Glasgow still holds its own though through a mix of high calibre students, experience and talent, a good work ethic, quality of life and a competitive cost base. The cost of real estate is competitive compared to London.

How we helped

Morgan Stanley regards Scottish Development International and Scottish Enterprise as partners. They have found the agencies to be very proactive in asking how they can help and very accessible. In addition, they have found the Financial Services Advisory Board quite unique and a big advantage to operating in Scotland.

Aside from the recent Regional Selective Assistance grant, Scottish Enterprise provided considerable financial assistance within training and development funding. They have also helped raise the profile of the brand in Scotland and helped managers who come from outside Scotland find their way around both the city and its modus operandi.

Abroad, Scottish Development International has made excellent connections with New York partners, helping to raise the profile and underline the significance of Glasgow.